Americans just spent $8 billion more on gas, and it’s only getting worse
The national average price for a gallon of gas stayed under $4 over the weekend.
In fact, drivers may have noticed gas prices dropped slightly. But, gas prices are expected to continue their upward trend despite the brief dip. The national average price today is $3.90, according to AAA, and $3.95 according to GasBuddy. AAA and GasBuddy use different data sources and calculation methods.
The national average price for diesel went up 14.3 cents and is $5.37 a gallon today - the highest level in almost four years, according to GasBuddy.
In the Allentown-Bethlehem-Easton area, the average price for gas is $3.93 a gallon, according to AAA. The average price for diesel is $5.86 a gallon.
In the Lehigh Valley, the lowest price for gas today, according to GasBuddy, is $3.47 a gallon, at Costco, 791 N. Krocks Road, Lower Macungie Township; and Citgo & AAFES, 741 N. Cedar Crest Blvd., South Whitehall Township.
Gas for $3.49 a gallon is available at Weis, 1340 N. Cedar Crest Blvd. and Sunoco & 7-Eleven, 3131 W. Tilghman St., both in South Whitehall Township.
The lowest price for diesel today in the Lehigh Valley is $5.19 a gallon at Weis, 3440 Grandview Drive, Lower Macungie Township.
“Gasoline and diesel prices continue to climb to multi-year highs as the effective closure of the Strait of Hormuz curtails the flow of millions of barrels of crude oil each day,” said Patrick De Haan, head of petroleum analysis at GasBuddy.
“The situation remains highly volatile and unpredictable, but upward pressure on fuel prices is likely to persist as long as global oil supplies are constrained by the continued disruption in the Strait.
“We’re likely to see the national average for gasoline push beyond the $4-per-gallon mark, while diesel could approach $6 per gallon and potentially set new records if conditions fail to improve.”
The cost of crude oil has been increasing since the U.S. and Israel attacked Iran on Feb. 28. The cost today is up to $114 a barrel.
The high cost of oil is helping to fuel inflation, could spark a recession and increase other costs for consumers.
In addition, refineries are switching from winter blend gasoline to summer blend, which is more expensive to produce. Demand is also rising as warmer weather encourages more people to travel.
Source: LehighValleyLive